International Trade - Jamb Economics Past Questions and Answers

Question 46:

• JAMB 1982

The purpose of import duties does NOT include the?

A. Generation of revenue for government
B. Protection of domestic industries
C. Promotion of international trade
D. Conservation of foreign exchange earnings
E. Control of comsuption pattern

Question 47:

• JAMB 1982

When the import of a commodity is limited to a definite quantity by using a trade control method, this is known as

A. Tariffs
B. Quotas
C. Exchnge control
D. Devaluation
E. Revaluation

Question 48:

• JAMB 1982

Balance of payments of a country explains the overall position of?

A. Current account of the balance of payments
B. Capital account in the balance of payments
C. Both the current and capital acounts
D. Position of the balance of trade
E. Visible and invisible trade

Question 49:

• JAMB 1982

In Nigeria, a balance of payments deficit can be solved by all of the following EXECPT?

A. Imposing import bans on some commodity
B. Imposing import duties
C. Drawing down on external reserves
D. Purchasing foreign exchanges from foreign countries
E. Devaluation of the currency

Question 50:

• JAMB 1983

Comparative cost doctrine of international trade means specialization in production

A. According to absolute cost advantage
B. According to absolute cost disadvantage
C. According to comparative cost disadvantage
D. According to comparative cost advantage
E. On the basis of the availability of labour